
Blockchain
technology has revolutionized various industries, including social media.
Traditional social media platforms often face challenges like data privacy,
censorship, and lack of transparency. Blockchain social media, on the other
hand, takes advantage of blockchain technology's decentralized and immutable
nature to address these issues.
Read:
Blockchain Technology for Green Innovation
What
is Blockchain Social Media?
Blockchain
social media is a decentralized social network platform that enables
applications and smart contracts to be developed through the use of blockchain
protocols and platforms. Social media DApp development is supported by
blockchain protocols like Stellar, Steem, and Ethereum.
Since
Blockchain social media networks are decentralized, all the information is not
held by any single proprietary authority. Instead, the data is distributed and
homogeneously stored across the servers in each network node.
Top
Benefits of Blockchain Social Media
Blockchain-based social media platforms
support blogging, content sharing, and social networking, but because they are
decentralized, they also allow for end-to-end encryption of all communications.
In addition to this privacy, below are other benefits that blockchain social
media offers:
1. Assessment
of user commodification
In
the context of social media, commodification is the process of turning social
interactions, personal data, and user-generated content into commodities that
can be monetized and traded for profit. One of the most valuable assets in the
world currently is data. The behavior, mind, and other areas of the data
producer can be controlled by those who have the data.
While
the strategy is commendable from a marketing point of view, the user on the
receiving end will suffer significantly as a result. Due to their end-to-end
encryption, peer-to-peer network, and lack of third parties, distributed social media platforms eliminate these risks of user commodification.
2. Freedom
of expression and privacy
Interactions
on centralized social media are not hidden. The people moderating these
platforms can access them, including private messages. This is a severe threat
to the privacy of the user, among other things.
Additionally,
social media posts are increasingly being used to curb dissent and advance
political goals. This is understandably a huge setback to the freedom of
expression and speech which are democratic ideals.
Nevertheless,
blockchain social media platforms help users realize their right to free
expression by ensuring greater privacy through their decentralized consensus
mechanisms. However, this is a lack of regulation that could pose new threats.
Such issues must be resolved if these decentralized platforms are to rival the
current social media giants.
3. Scope
of crowdfunding
There
are materialistic benefits to blockchain social media in addition to
non-monetary benefits. Users, otherwise called nodes, get rewarded by posting
on the platform of most decentralized social networks. Such benefits are
provided in the native cryptocurrency of the network, just like in the majority
of blockchain ecosystems.
In
addition, using these social media platforms can enable users to launch
effective crowdfunding campaigns by following processes that are similar to
those used for token sales. These platforms also allow users to conduct
financial transactions with each other using the native cryptocurrency of the
network.
Conclusion
Blockchain
social media holds immense potential to transform the way we interact and share
information online. The decentralized nature of blockchain social media
empowers users, eliminates intermediaries, and fosters a more inclusive and
trustworthy online environment. With this technology evolving, social media
will experience exciting advancements and widespread adoption.
DISCLOSURE
Comments here are not of the author's opinion. Users are responsible for their comments.